Chronic Disease Management Startup: Phablecare raises ₹187 cr in funding round via Kalaari Capital
- ByStartupStory | April 11, 2022
On Monday, a chronic disease management startup, Phablecare, said it has raised ₹187 crore in a funding round led by Kalaari Capital. Along with existing investors Omron Ventures, SOSV, Social Starts, and Fresco Capital, the round also saw participation of Aflac Ventures, Digital Horizon and Stride Ventures.
For developing the chronic care ecosystem, market expansion and customer acquisition, the funds will be used, said the company. In order to build new revenue streams, the new funds will also be used.
The company said that it is looking at acquiring other players in fray in order to consolidate its position, and has allocated capital and secured debt funding for the same.
By over 30 lakh patients, 1,000 pharmacists, Phablecare’s services are used. An official statement said in a year without delving much into the details the company’s valuation has grown six times.
Over the next two years, their focus would be to take the technology to over 30 million Indian households and over 1 lakh super specialist doctors in India and also capture 25 percent of the market,” said its co-founder Sumit Sinha.
In March 2021, in a round led by Manipal Hospitals, it had raised ₹90 crore and received an additional ₹14 crore through primary capital infusion from Omron Ventures and a venture debt and a venture debt facility from Stride Ventures of ₹45 crore.
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